Friday, Sep 24, 2010
"We're really a property company, not a bad bank..."
Property Week: Head of lending at National Asset Management Agency reveals plans for “Irish REIT” to clear up disaster
Ireland's NAMA, which was formally established last December, has control over most of the 6,000 completed but unsold flats within the M50 motorway around Dublin. It also controls a further 10,000 that are zoned for development.
“There is a rental market in Ireland. If you try and rent a property in Dublin, it’s the same price as London,” said Emmett. “There are 6,000 empty flats. There is a sustainable rental market and we’ve got the majority of it. If I let those flats and create a residential REIT using that income, suddenly I’ve got money available to repay the Exchequer.”
Posted by drewster @ 06:24 PM (559 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Huh said...
He seems to be boasting that it's ok because he can charge monopoly rents. Or did I miss something?
2. Francesca25 said...
Thanks for this article which is really quite extraordinary. If you read between the lines it would appear that NAMA is in quite a bad way and is unsure what to do. As to the claims in the article well lets start with a quote from the head of property lending "We’re really a property company, not a bad bank,” Yet three lines later the article says "NAMA was set up to repair Irish banks’ impaired balance sheets"
When will those in authority stop dissembling?